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HomeCryptoAccording to Tron CEO, Sri Lanka is now officially in DAO mode

According to Tron CEO, Sri Lanka is now officially in DAO mode

The economic crisis in Sri Lanka is attracting worldwide attention. The blockchain ecosystem community offers a few solutions to a country that has experienced violence and political chaos.

Justin Sun, Tron network founder and CEO, replied that he had some ideas to save the island nation from bankruptcy and suggested a Decentralized Autonomous Organization (DAO) as part of it.

Many people wonder what to do in a country that is in turmoil. Sun tweeted: β€œSri Lanka is officially in DAO modeβ€œ, which refers to what happens during DAO votes.

The developer received responses from hundreds of micro-messaging network users. Some disapprove of the idea while others praise it. Some approve of the fact that it is possible for a decentralized organization to replace a country’s central bank and government.

This proposal comes after the nation was declared bankrupt. Yesterday, the President of Sri Lanka, Gotabaya Rajapaksa, and the Prime Minister, Sri Lanka, agreed to resign. It was the most chaotic day in months of political unrest in the country’s history.

Sri Lanka’s constitution stipulates that the country’s president can step down and the prime minister takes over. However, Ranil Wickremesinghe, the outgoing president, announced that he would also step down. This means that the Speaker of Parliament can take over. The transition of power will not be enough to calm the thousands of protesters who are tired of bad political decisions.

A DAO could take over the governance of Sri Lanka.

It’s unlikely, but not impossible, that a DAO will. This would be a rare case in the world. However, the tweet was isolated from the actual events.

To understand whether a DAO could assume governance of a country’s affairs, we must first define what it means. It is a digital entity that operates on the basis of a system of rules previously codified via smart contracts or the blockchain.

We can then see DAOs as a new organizational structure based on blockchain technology and operating in a cooperative that works with cryptocurrencies.

DAOs, in their simplest form, are groups working together to achieve a common managing a project or investing in startups.

Although there was no official first ruler of an entire country, many people on Twitter believe that one of these organizations would be the best to govern Sri Lanka. They also think that bitcoin would be a great way to solve the country’s governance and economic problems.

This would require constitutional reform as well as an overhaul of many laws in Sri Lanka. In the current circumstances, it is impossible for a DAO to take over the governance of the country.

β€œWhat happens in Sri Lanka will be replicated around the worldβ€œ. A Twitter user claims that bitcoin will be the new currency.

Some people also compare the situation in Sri Lanka with VenezuelaArgentina, and other countries that have widely adopted bitcoin.



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